Sturdy Savings Bank Mortgage Rates, Fees & Info

Stone Harbor, NJ

LEI: 5493003DHZPFGQQJCU86

Tax ID: 21-0605343

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Sturdy Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Sturdy Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ocean City, Miami, and Atlantic City among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sturdy Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    164

    Origination Dollar Volume (All Markets)

    $67,170,000

    Employee count

    164

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    OCEAN CITY, NJ (FHA|USDA|VA) 160 $65,490,000 $409,313 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $675,000 $225,000 $0 0.00%
    Sturdy Savings Bank's top markets include Ocean City, Miami, and Atlantic City among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 164 $67,170,000 $409,573 $0 0.00%

    For 2021, Sturdy Savings Bank's most frequently originated type of loan was Conventional, with 164 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 117 $52,485,000 $448,590 $0 0.00%
    Refi 43 $13,915,000 $323,605 $0 0.00%
    Home Improvement 4 $770,000 $192,500 $0 0.00%

    For 2021, Sturdy Savings Bank's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 164 $67,170,000 $409,573 $0 0.00%

    For 2021, Sturdy Savings Bank's most frequently cited loan duration was Other, with 164 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 53 $7,945,000 $149,906 $0 0.00%
    $200k-400k 48 $13,300,000 $277,083 $0 0.00%
    $600k-1MM 21 $16,535,000 $787,381 $0 0.00%
    $100,000 or less 16 $1,260,000 $78,750 $0 0.00%
    $1MM+ 13 $22,295,000 $1,715,000 $0 0.00%
    $400k-600k 13 $5,835,000 $448,846 $0 0.00%

    2021 saw Sturdy Savings Bank place emphasis on $100k-200k loans with 53 originations, totaling $7,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 40 $11,520,000 $288,000 $0 0.00%
    $100k-150k 39 $8,145,000 $208,846 $0 0.00%
    $250k+ 35 $27,955,000 $798,714 $0 0.00%
    $50k-75k 14 $2,090,000 $149,286 $0 0.00%
    $75k-100k 14 $2,420,000 $172,857 $0 0.00%
    $50k or less 5 $565,000 $113,000 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 40 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 164 $67,170,000 $409,573 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $46,555,000 $384,752 $0 0.00%
    Not applicable 14 $13,270,000 $947,857 $0 0.00%
    Not provided 22 $5,690,000 $258,636 $0 0.00%
    Asian 4 $860,000 $215,000 $0 0.00%
    Black 3 $795,000 $265,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.34%

    Sturdy Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    89.63%

    Sturdy Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 164 $67,170,000 $409,573

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    164 $67,170,000 $409,573

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Sturdy Savings Bank 17 S Main St Cape May Court House, NJ 8210 Full Service B&M $168,830
    Sturdy Savings Bank 101 East 34th Street Ocean City, NJ 8226 Full Service B&M $47,465
    Sturdy Savings Bank 1224 Route 47 Dennisville, NJ 8214 Full Service B&M $64,837
    Sturdy Savings Bank 1900 New Jersey Avenue North Wildwood, NJ 8260 Full Service B&M $52,949
    Sturdy Savings Bank 2201 Route 50 Woodbine, NJ 8270 Full Service B&M $44,562
    Sturdy Savings Bank 2628 Dune Drive Avalon, NJ 8202 Full Service B&M $133,350
    Sturdy Savings Bank 3195 Route 9 S Rio Grande, NJ 8242 Full Service B&M $37,618
    Sturdy Savings Bank 3851 Bayshore Road North Cape May, NJ 8204 Full Service B&M $101,731
    Sturdy Savings Bank 49 South Shore Road Marmora, NJ 8223 Full Service B&M $13,757
    Sturdy Savings Bank 521 New Road Somers Point, NJ 8244 Full Service B&M $38,303
    Sturdy Savings Bank 5611 New Jersey Avenue Wildwood Crest, NJ 8260 Limited, Drive-thru $0
    Sturdy Savings Bank 661 Asbury Avenue Ocean City, NJ 8226 Full Service B&M $21,346
    Sturdy Savings Bank 701 Washington Street Cape May, NJ 8204 Full Service B&M $189,493
    Sturdy Savings Bank 9417 Third Ave Stone Harbor, NJ 8247 Full Service B&M $86,100

    For 2021, Sturdy Savings Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $30,778
    Net interest income $29,692
    Total noninterest income $3,796
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $502
    Trading account gains and fees $0
    Additional Noninterest Income $3,294
    Pre-tax net operating income $5,899
    Securities gains (or losses, -) $-86
    Income before extraordinary items $4,417
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,417
    Minority interest net income $0
    Net income $4,417
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,484

    Sturdy Savings Bank's gross interest income from loans was $30,778,000.
    Sturdy Savings Bank's net interest income from loans was $29,692,000.
    Sturdy Savings Bank's fee based income from loans was $502,000.
    Sturdy Savings Bank's net income from loans was $4,417,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,086
    Provision for credit losses $-10
    Total noninterest expense $27,599
    Salaries and employee benefits $17,286
    Premises and equipment expense $2,738
    Additional noninterest expense $7,575
    Applicable income taxes $1,396
    Net charge-offs $22
    Cash dividends $0

    Sturdy Savings Bank's interest expense for loans was $1,086,000.
    Sturdy Savings Bank's payroll and benefits expense were $17,286,000.
    Sturdy Savings Bank's property, plant and equipment expenses $2,738,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 3.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,144,441
    Deposits held in domestic offices $1,144,441
    Deposits by Individuals, partnerships, and corporations $981,059
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $163,382
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $117,195
    Demand deposits $54,526
    Nontransaction accounts $1,027,246
    Money market deposit accounts (MMDAs) $119,095
    Other savings deposits (excluding MMDAs) $881,604
    Total time deposits $26,547
    Total time and savings deposits $1,089,915
    Noninterest-bearing deposits $367,302
    Interest-bearing deposits $777,139
    Retail deposits $1,140,949
    IRAs and Keogh plan accounts $7,375
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,279,515
    Cash & Balances due from depository institutions $178,626
    Interest-bearing balances $170,534
    Total securities $503,508
    Federal funds sold & reverse repurchase $0
    Net loans and leases $524,311
    Loan and leases loss allowance $3,459
    Trading account assets $0
    Bank premises and fixed assets $23,764
    Other real estate owned $0
    Goodwill and other intangibles $6,552
    All other assets $42,754

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,279,515
    Total Liabilities $1,187,247
    Total deposits $1,144,441
    Interest-bearing deposits $777,139
    Deposits held in domestic offices $1,144,441
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,365
    Subordinated debt $0
    All other liabilities $17,441

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $524,311
    Loan and leases loss allowance $3,459
    Total loans and leases (domestic) $527,770
    All real estate loans $490,174
    Real estate loans in domestic offices $490,174
    Construction and development loans $21,668
    Residential 1-4 family construction $6,776
    Other construction, all land development and other land $14,892
    Loans secured by nonfarm nonresidential properties $214,300
    Nonfarm nonresidential secured by owner-occupied properties $133,123
    Commercial real estate & other non-farm, non-residential $81,177
    Multifamily residential real estate $7,891
    1-4 family residential loans $245,512
    Farmland loans $803
    Loans held in foreign offices $0
    Farm loans $10,538
    Commercial and industrial loans $24,949
    To non-U.S. addressees $0
    Loans to individuals $639
    Credit card loans $0
    Related Plans $10
    Consumer Auto Loans $0
    Other loans to individuals $629
    All other loans & leases $2,400
    Loans to foreign governments and official institutions $0
    Other loans $2,400
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Sturdy Savings Bank had $524,311,000 of loans outstanding in 2021. $490,174,000 of loans were in real estate loans. $21,668,000 of loans were in development loans. $7,891,000 of loans were in multifamily mortgage loans. $245,512,000 of loans were in 1-4 family mortgage loans. $10,538,000 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 262 $68,066 $259,794
    Nonfarm, nonresidential loans - <$100k 36 $1,382 $38,389
    Nonfarm, nonresidential loans - $100-250k 76 $10,008 $131,684
    Nonfarm, nonresidential loans - $250k-1MM 150 $56,676 $377,840
    Commercial & Industrial, US addressed loans - <$1MM 80 $9,736 $121,700
    Commercial & Industrial, US addressed loans - <$100k 32 $935 $29,219
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,229 $68,278
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $7,572 $252,400
    Farmland loans - <$1MM 2 $552 $276,000
    Farmland loans - $250k-1MM 2 $552 $276,000
    Agriculture operations loans - <$1MM 5 $533 $106,600
    Agriculture operations loans - $100-250k 5 $533 $106,600